Insurance

Property & Casualty Underwriting

Generating Insurance Impact

Leading insurers today are developing new operating models in response to a number of factors, including adverse market conditions, intense competition from traditional and new players in the insurance underwriting industry, excess capacity, evolving customer preferences, and new technology. Genpact architects the Lean DigitalSM enterprise by combining design-thinking principles and Lean approaches with digital technologies, analytics, and deep domain expertise for the insurance industry. Our approach reimagines organizations beyond the front, middle and back office to create end-to-end digital solutions that deliver business outcomes, allowing our clients to focus their efforts on reallocating resources to capture scalable growth across the market.

Impact

At Genpact, our focus has been on transforming and running business processes and operations specific to the Insurance industry vertical. Focused on enabling stronger growth, Genpact works with 20+ clients, including six Fortune 500 insurers, generating an impact of $500 million+ for the Insurance industry.

A major U.S. insurer was targeted to triple its growth over three years but recognized that it would be unable to grow revenue in its trade credit business due to its limited underwriting capacity. Genpact's approach to input and core process improvements resulted in $50 million in additional business generation through the optimum utilization of underwriters' time. This enabled the company to focus on strategic sales and marketing programs and plan for future growth.

Created LOMA-compliant processes for a leading life and annuity company. This helped in speeding up the on-boarding of new agents through training in underwriting and compliance standards, which led to acceleration in revenue generation by $6 million per month.